4 Answers
4

You could, technically develop a web part on your developer machine by making a reference to the appropriate dlls. However you will not be able to use the native Visual Studio 2010 SharePoint integration as this relies on the ability to deploy and provision your solutions to a local SharePoint farm for the F5 debugging process.

There are probably work arounds which will significantly reduce the UX of Visual Studio for SharePoint development.

You can install SPF if you only intend to use components from it but you need the additional elements to support SPS if your working with that product.

While this may theoretically answer (or be relevant to) the question, we prefer inclusion of the essential parts of the answer here, and to provide the link for reference.
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SPDoctor♦Nov 23 '11 at 12:09

Also, you can include the full link... there isn't a 140 character limit. ;)
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Kit MenkeNov 23 '11 at 15:08